The Bretton Woods era realized a great expansion of international trade in goods and services
Indicate whether the statement is true or false.
Answer: TRUE
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The number of days' sales in receivables is one means of expressing the relationship between average daily sales and accounts receivable
a. True b. False Indicate whether the statement is true or false
Marketing planning begins with formulating an offering to meet target customers' needs or wants
Indicate whether the statement is true or false
Which of the following best describes why firms choose to create codes of ethics?
A. Companies must have a written code of ethics in order to conduct interstate commerce in the U.S. B. They allow firms to create a formal set of expectations for employees who may have different sets of personal values. C. Because most people will not behave ethically without a written set of guidelines. D. Codes of ethics protect firms against lawsuits that may be filed due to corporate fraud.
A company that uses the percent of sales to account for its bad debts had credit sales of $740,000 in Year 1, including a $720 sale to Marshall Fresh. On December 31, Year 1, the company estimated its bad debts at 1.5% of its credit sales. On June 1, Year 2, the company wrote off, as uncollectible, the $720 account of Marshall Fresh. On December 21, Year 2, Marshall Fresh unexpectedly paid his account in full. Prepare the necessary journal entries: (a) On December 31, Year 1, to reflect the estimate of bad debts expense. (b) On June 1, Year 2, to write off the bad debt. (c) On December 21, Year 2, to record the unexpected collection.
What will be an ideal response?